What is the goal of property appraisal?

The goal of property appraisal is to assess the property's market value. This involves analyzing various factors such as location, condition, comparable sales, and current market trends to establish a value that reflects what the property could sell for in the current real estate market. This valuation is essential for various purposes, including buying, selling, financing, and tax assessments.

Determining the sale price is a component of the appraisal process; however, the appraisal itself seeks to establish a market value baseline rather than a specific sale price. Legal descriptions are more about the technical aspects of identifying the property within legal records and do not assess value. Evaluating the condition of the property is part of the appraisal process, but it does not represent the overall goal of determining market value.